Fidelity Brokerage Co. and JPMorgan reached an agreement whereby JPMorgan's initial public offerings, secondary share sales and certain municipal bond offerings will be available to Fidelity's retail and institutional clients. These include 10.7 million retail accounts, 3,000 registered investment advisors and 65,000 individual brokers served through more than 350 broker/dealer firms.
JPMorgan previously distributed its products to institutions, hedge funds and ultra-high-net-worth individuals through JPMorgan Private Bank. The investment bank decided to form this alliance with Fidelity because it gives it access to a "far broader set of investors," noted Steve Black, co-CEO of JPMorgan's investment banking business. "Becoming Fidelity's primary provider of new issue equity and debt products is a key competitive advantage for JPMorgan," Black added.